Bank of Dohfar successfully tests cross-border payments using Ripple tech

18 Feb, 2019 | Updated: 18 Feb, 2019
by Will Heasman
Bank of Dohfar successfully tests cross-border payments using Ripple tech

Ripple has scored another goal in the payments remittance world, with another bank announcing the use of Ripple tech within its cross border payment systems.

Navi Gupta Managing Director, Ripple South Asia, recently tweeted that the Bank of Dohfar was officially live on Ripplenet.

The partnership was first initiated back at the start 2018, and through numerous tests, trials, and tribulations, has finally ushered this end result.

The Bank of Dohfar, boasts the first large institution within Oman and surrounding regions to use Ripple tech. providing instantaneous transfers through its mobile banking system.

Utilized within the Bank’s mobile banking app, Ripple’s blockchain allows the transfer of money to from non-resident Indians (NRI) living in Oman to Indian residents within the country in minutes.

The Bank released a statement on the collaboration with ripple:

“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”

The community responded to this latest news with exaltation:

This latest bullish instalment, comes just as some within the crypto community start to doubt Ripples relevance in the wake of the recently announced JPM Coin; a bank created digital asset which effectively looks to do Ripple’s job for them.

It seems Ripple still has a few tricks up its sleeve

Read more: What does JPM Coin mean for Ripple and the wider crypto industry?; "The JP Morgan coin should obliterate Ripple", says Bloomberg editor

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Read more about: Ripple (XRP)


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